Kamis, Desember 20, 2018

Provisions on Material Transactions for Public Companies to be Updated

On 14 December 2018, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) released the Draft Regulation of the OJK on Material Transactions and the Alteration of Business Activities (“RPOJK”). Through this publication, the OJK is inviting the general public to submit responses up until 15 March 2019.
The RPOJK redefines the thresholds for material transactions, including one-time or series of transactions which are performed by public companies with the following conditions applying: 1) Transactions amounting to ≥20% of the total public company equity; 2) Transactions relating to corporate acquisitions or splits and which amount to ≥20% of public company financial variables; and 3) Transactions amounting to ≥10% of total public company assets if the equity comprises a negative balance.
In addition, if ultimately enacted, then public companies will be required to undertake the following measures in respect to material transactions: 1) Utilize appraisal services in order to determine the fair value of material transactions; 2) Oblige information disclosures to be made; and 3) Obtain approvals through General Meetings of Shareholders (“RUPS”) or independent shareholders (if the material transactions obstruct business operations).

......

Subscribe to read more legal analysis.

Hukumonline Pro Intelligence

Platform AI hukum terpercaya sebagai solusi komprehensif riset Anda

Professional Solutions

University Solutions

Pro

Rp 5.000.000 /bulan

Lihat Detail

Pro AI

Terfavorit

Rp 8.200.000 /bulan

Lihat Detail

Pro Compliance

New

Rp 12.500.000 /bulan

Lihat Detail

*Syarat dan ketentuan berlaku

On 14 December 2018, the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) released the Draft Regulation of the OJK on Material Transactions and the Alteration of Business Activities (“RPOJK”). Through this publication, the OJK is inviting the general public to submit responses up until 15 March 2019.
The RPOJK redefines the thresholds for material transactions, including one-time or series of transactions which are performed by public companies with the following conditions applying: 1) Transactions amounting to ≥20% of the total public company equity; 2) Transactions relating to corporate acquisitions or splits and which amount to ≥20% of public company financial variables; and 3) Transactions amounting to ≥10% of total public company assets if the equity comprises a negative balance.
In addition, if ultimately enacted, then public companies will be required to undertake the following measures in respect to material transactions: 1) Utilize appraisal services in order to determine the fair value of material transactions; 2) Oblige information disclosures to be made; and 3) Obtain approvals through General Meetings of Shareholders (“RUPS”) or independent shareholders (if the material transactions obstruct business operations).

......